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EXPLAINED: Oil at 6 week high as war intensifies | Vintage Vibes

Oil Iran United States Yemen Red Sea Middle Eastern

Iran-backed Houthi rebels in Yemen have threatened Saudi tankers attempting to transport oil through the Bab el-Mandeb Strait. (Photo: Reuters)

Oil prices rose to their highest in almost six weeks on Wednesday, with Brent crude surpassing $95 a barrel, on mounting concerns about disruptions to Middle Eastern supply routes because of escalating hostilities between the US and Iran and threats to shipping by ⁠the Iran-backed Houthi militia in Yemen.

Brent crude futures were up $2.23 at $93.24 a barrel on Wednesday afternoon, after hitting a session high of $95.47. US West Texas Intermediate crude climbed $2.18 to $86.18.

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